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Suncor Energy Inc. (SU.TO)
Toronto - Toronto Real Time Price. Currency in CAD
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Mark Little on the call talked about an annual buyback yield trajectory of 5% of the float. That's incredible as a return to shareholders. That's 5% less shares to pay dividends to in the future. As it stands, at current market pricing, there is NO better way to spend surplus cash flow than share buybacks. I applaud management for doing the right thing when many shareholders want cash now. The long-term benefit will be enormous.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 7.7 million barrels for the week ended April 30, according to sources. The data also reportedly showed gasoline stockpiles down by 5.3 million barrels, while distillate inventories declined by nearly 3.5 million barrels.
Earliest mgmt will raise dividends is when 44 million shares are bought back as per normal course issuer bid. This is the maximum allowable until Feb2022. Raising dividends now would increase demand and make buybacks more expensive. end of Q2 report will show they've bought back 44M
Mark Little (CEO) was just on Bloomberg tv. When asked about reinstating the dividend in the future he brushed aside the question and would not answer. Talked about additional buy backs instead because of SU extremely low share price compared to others in the oil sector. He really seemed to be puzzled at the low share price.
Oil is on an absolute teardown. Its only a matter of time before it reflects on stock price. If it keeps at 65ish and SU has a good quarter they might top 1 billion in earnings! Mind boggling that this is not moving. Hopefully this week will pickup some steam with other canadian energy reports. Im Lee from Japan, im never wong.
BMO updated target price today to $45 (60% upside), TD to $39 (40% upside). Things are looking good.
Also on the bright side of some positive movement today, we are now over one month into the 2nd quarter and the average price of oil is smashing what we had in the first quarter.
Suncor is wildly mispriced. As an integrated play it offers downside protection and its upside is not throttled by bad hedges. At $65 oil this thing is gushing cash and will soon have no choice but to return profits back to shareholders with continued share buybacks and yes, dividend increases.
Can’t believe IMO is $37/share and SU is $27/share while having same earnings per share.
I was hoping someone on the conference call was going to ask the question about what happens to the divvy once they completed the 44 million shares allowed to purchase . I guess we will find out on May 26
Buy backs are bull. Although many investors may think that buyback programs are benefiting them, intentions are often in favor of the company itself, and more specifically company insiders. Dividends on the other hand ensure direct payment to the shareholder, with much less risk than share buybacks. Any way you slice it, offering dividends is simply the right thing for this company to do.
When WTI was at 68-69 weren't we over $29 cad?
Also, read that Little will discuss dividend on the investor call later in May.
I feel like buying 1 share and paying 28.01 just to crack this mark
I have bought suncor the scone wive $18 downtown to $16 I never stop buying my last Huge purchases was last week @$26.59 RBC 1 year target is $32 I think suncor can get to $35 no problem 😉
Load UP more while below $30. SU has no reason not to restore dividend next quarter. It will be more than $50 after that.
Little didn’t rule out the possibility of dividend hikes down the road, hinting that shareholder returns will play a role in the company’s investor day report on May 26.
As I expected SU is climbing steadily to the $28 levels, importantly the trend is upward now !!
Shall we make a bet to make it fun, since everyone has his/her own crystal ball? Who's going to be closest when results are out, for the dividend increase? My prediction is $0.25 cad per quarter (from current $0.21).
- because it's a good 19% increase
- it would make the annual divvy to be $1.00 even
- it's all SU can afford after the $1b buyback this year
We should note that SU had enough cash to reinstate the full dividend this year, but chose to do the buyback instead. Obviously, a buyback can be disposed of at management will, while a divvy increase is a firm commitment. And SU was not ready for that yet.
Off topic: hey guys, while the ongoing exciting saga with suncor continues, did someone take a look at CNQ Q1 just out? Don't know if I miscalculated, but its eps implies a share price of 70cad (1.03 x 4 x 17 pe oil sector). Not even counting on the boosting effect of increased dividends, buybacks and higher oil price. Am I missing something?
What they wanted in the entire year - 1 billion debt reduction and .5 billion buybacks... what they did in q1 alone we reduced our total debt by $1.1 billion and repurchased over $300 million in common shares
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